Effects associated with index composition changes: evidence from the Euronext Lisbon stock exchange

According to previous studies in many other markets, changes in a stock market index composition have shown abnormal returns are available at the date when index changes become effective. Stocks (added or deleted) tend to generate abnormal returns. But as market microstructure and stock index governing rules differ from country to country and from index to index, studies on previously unstudied markets are relevant. This study examines the stock reaction that occurs when shares are added to or deleted from the Euronext Lisbon stock index PSI-20, studied in terms of abnormal returns. And although the vast majority of papers in the literature are concerned with price effect and volume effect, this study also focuses on the trading volume and on the volatility effect. Although the rules governing the PSI-20 index are publicly available, the market seems to be surprised when announcements of composition change are released. stock price returns react positively for additions to and negatively for deletions from the index. All these observed effects are evident for the time period between the announcement day and the effective day of the change. when the effective day of the change arrives, the market still reacts to stock additions to the index, decreasing significantly the price that was being raised until then, in what may be a sign of a previous overreaction when the announcements were made. It also reacts in terms of trading volume. A positive abnormal trading volume is observed after additions to and deletions from the index, with some persistency after the event. The volatility effects do not seem to be statistically significant. All statistically significant findings on price returns seem to be temporary which lends itself to the empirical support for the price pressure hypothesis. However, the empirical evidence of a persistent increase in trading volume either for additions to or for deletions from the index becomes a puzzling and contradictory support for the liquidity hypothesis

Once-yearly zoledronic acid in hip fracture prevention

Osteoporosis is an escalating global problem. Hip fractures, the most catastrophic complication of osteoporosis, continue to cause significant mortality and morbidity despite increasing availability of effective preventative agents. Among these agents, oral bisphosphonates have been the first choice for the treatment and prevention of osteoporotic fractures. However, the use of oral bisphosphonates, especially in the older population, has been limited by their side effects and method of administration thus compromising their persistent use. The resultant low adherence by patients has undermined their full potential and has been associated with an increase in the incidence of fragility fractures. Recently, annual intravenous zoledronic acid (ZOL) has been approved for osteoporosis. Randomized controlled trials have demonstrated ZOL to be safe, have good tolerability and produce significant effect on bone mass and microarchitecture. Adherence has also been shown to be better with ZOL. Furthermore two large trials firmly demonstrated significant anti-osteoporotic effect (∼59% relative risk reduction of hip fractures) and mortality benefit (28% reduction in mortality) of ZOL in older persons with recent hip fractures. In this review, we report the current evidence on the use of ZOL for the prevention of hip fractures in the elderly. We also report the pharmacological characteristics and the advantages and disadvantages of ZOL in this particular group

Inhibition of Protein Farnesylation Arrests Adipogenesis and Affects PPARγ Expression and Activation in Differentiating Mesenchymal Stem Cells

Protein farnesylation is required for the activation of multiple proteins involved in cell differentiation and function. In white adipose tissue protein, farnesylation has shown to be essential for the successful differentiation of preadipocytes into adipocytes. We hypothesize that protein farnesylation is required for PPARγ2 expression and activation, and therefore for the differentiation of human mesenchymal stem cells (MSCs) into adipocytes. MSCs were plated and induced to differentiate into adipocytes for three weeks. Differentiating cells were treated with either an inhibitor of farnesylation (FTI-277) or vehicle alone. The effect of inhibition of farnesylation in differentiating adipocytes was determined by oil red O staining. Cell survival was quantified using MTS Formazan. Additionally, nuclear extracts were obtained and prelamin A, chaperon protein HDJ-2, PPARγ, and SREBP-1 were determined by western blot. Finally, DNA binding PPARγ activity was determined using an ELISA-based PPARγ activation quantification method. Treatment with an inhibitor of farnesylation (FTI-277) arrests adipogenesis without affecting cell survival. This effect was concomitant with lower levels of PPARγ expression and activity. Finally, accumulation of prelamin A induced an increased proportion of mature SREBP-1 which is known to affect PPARγ activity. In summary, inhibition of protein farnesylation arrests the adipogenic differentiation of MSCs and affects PPARγ expression and activity

Titularización de proyecto inmobiliario en la ciudad de Ibarra

The construction industry has gone through important growth in Ecuador since the year 2009 as a result of various factors, among these factors it includes: the dollarization, the remittances of the migrants, governmental impulse by special credits, and the arrangement of the private bank, among others. This circumstances has made the economy more competitive at a national level, and thus generate a greater demand for stocks per company in order to maintain active in the market. In regard to the construction company Moncayo & Moncayo with headquarters in Ibarra, it is known for its wide range of projects oriented to different social classes, in addition to its unique characteristics like: constant innovation regarding the structure of the buildings and diversified prices. Such is necessary to accomplish a high concentration of sales and the opening of new projects. In the intent to accomplish its organizational goals, the business demands financial sources that permits the disposal of liquidity necessary to increase its supply and uptake of the participation in the market. Because of such, this investigation focuses on analyzing the credit portfolio with the objective of establishing a process of securitization to negotiate in the stock market, allowing the company to create an autonomous heritage under the commercial trust fund figure. Its developing describes the accomplishment of the law Ley de Compañias, which details the alternative financial option and thus demonstrating the benefits and viability that this option has. According to the obtained results, it’s appropriate for the constructor to securitize the chosen portfolio (360 to 540 days) in relation that it permits the utilization of its resources and thus allows the expansion of its projects and therefore its income.El sector de la construcción ha experimentado un importante crecimiento en Ecuador desde el año 2009 producto a varios factores entre los cuales se encuentra la estabilidad económica existente desde la dolarización, las remesas de los migrantes, el impulso gubernamental mediante créditos especializados, la gestión de la banca privada, entre otras. Esta situación ha dado lugar a una mayor competitividad a nivel nacional que impulsa la necesidad de acciones en cada empresa del sector para mantenerse activa en el mercado. Al respecto, la Constructora Moncayo & Moncayo con sede en la ciudad de Ibarra, se caracteriza por una amplia oferta de proyectos orientados a diferentes clases sociales, siendo su característica un diseño innovador, diversidad de alternativas y precios competitivos, siendo necesario para su desarrollo una alta concentración de ventas y apertura de nuevos proyectos. Para poder cumplir con sus metas organizacionales, la empresa demanda de fuentes de financiamiento que le permitan disponer de la liquidez necesaria para incrementar su oferta y captación de la participación de mercado. Por ello, la presente investigación se enfoca en analizar su cartera de crédito con el objetivo de establecer un proceso de titularización a negociarse de manera bursátil, dando lugar a la constitución de un patrimonio autónomo bajo la figura de un Fideicomiso Mercantil. Su desarrollo describe los procesos a cumplirse acorde la Ley de Compañías, detallando un comparativo de la alternativa con el financiamiento bancario, demostrando los beneficios reales a obtenerse y la viabilidad de optar por esta opción. Conforme los resultados obtenidos, se considera totalmente factible para la constructora el titularizar la cartera seleccionada (360 a 540 días) en la medida que permitirá disponer de recursos que le permitan ampliar sus proyectos y por ende su rentabilidad

Acto médico, comunicación y emoción.

La comunicación es una característica innata en el ser humano, indispensable en las relaciones sociales y en la supervivencia de la especie. Está presente en la cotidianidad a través de códigos y significados compartidos mediante los cuales el individuo da un sentido emocional y cognitivo a cada una de sus experiencias.El acto médico no es una excepción a la regla, pues la comunicación está implícita en todo el proceso de elaboración de una historia clínica, sospecha diagnóstica y propuesta terapéutica. En este proceso se establece un vínculo bidireccional entre el médico y el paciente, quien busca un alivio para su sufrimiento a partir de un supuesto de confianza basado en la comunicación

Physical activity guidelines for older people: knowledge gaps and future directions

Physical function (ie, aerobic capacity, gait speed, and muscle strength) has been proposed as a biomarker of healthy ageing, as it is predictive of adverse health events, disability, and mortality. The role of physical exercise as a therapeutic strategy for prevention of both disease and the associated decline in functional capacity has been emphasised repeatedly. Supervised exercise interventions in hospitalised older people (aged ≥75 years) have been proved to be safe and effective in preventing or attenuating functional and cognitive decline. Unfortunately, few studies have explored the potential role of tailored physical activity guidelines to maximise exercise-related effect on function. Also, exercise has not been fully integrated into primary or geriatric medical practice and is almost absent from the core training of most medical doctors and other health-care providers. Physical trainers should be included in health-care systems to help manage physical exercise programmes for older patients. Taking into consideration current evidence about the benefits of exercise for frail older adults, it is unethical not to prescribe physical exercise for such individuals. To promote healthy and dignified ageing, it is therefore essential to help health-care systems to more efficiently implement evidence-based exercise programmes for frail older adults in all community and care settings

Dinámica laboral y las condiciones socioeconómicas en el Ecuador período 2003-2006

En esta Tesis realizamos un estudio descriptivo de los factores que determinaron los niveles, cambios y estructuras del desempleo en el Mercado Laboral Ecuatoriano durante el período Febrero 2.003 – Febrero 2.006 cuyo principal objetivo fue no sólo estimar su movilidad e impacto sobre la estructura de la población en edad de trabajar (Personas con edades comprendidas entre 10 y 65 años), sino que nuestro análisis se basó en describir la estructura del nivel educativo de la población y de cómo ésta afecta al empleo y desempleo. Aunque debemos añadir que, la perspectiva del desempleo analizada en esta Tesis, se sujeta a la variante del Desempleo Involuntario y el Desempleo Voluntario, así como de la Población Ocupada. Dado que experimentar una situación de Desempleo Voluntario puede ser tan común entre Población con Educación Media y Superior (búsqueda de nuevos trabajos y selectividad a la hora de aceptar un empleo), así como los Desempleados Involuntarios (despidos, cambios tecnológicos) en el Mercado Laboral Ecuatoriano, dadas las evidencias estadísticas con las que contamos, y más aún si tomamos en consideración la variable Nivel de Escolaridad (Primario, Secundario y Superior) para explicar dichas variaciones. Para ello, utilizamos las encuestas realizadas por el Banco Central del Ecuador, “Indicadores de Coyuntura del Mercado Laboral Ecuatoriano”, que nos permitieron construir los estados utilizados dentro de nuestra matriz, así como la elaboración de paneles explicativos del nivel de escolaridad y cómo éstos afectan al desempleo. Para el análisis empleamos la Cadena de Markov, que nos permite describir cómo está conformado dicho Mercado Laboral y estudiar sus dinámicas; y además, estimamos mediante Máxima Verosimilitud que nuestro modelo aplicado consta de aceptación dentro del análisis demostrando que la variable Nivel de Escolaridad explica el desempleo y sus variantes aquí mencionadas

Análisis de la Estructura Competitiva del Sistema Financiero Colombiano.

La banca ha experimentado una serie de cambios que han afectado su estructura y su comportamiento no sólo por las reformas que ha sufrido el sector financiero colombiano en materia de regulación desde el inicio de la década de los noventa sino también a partir de las consecuencias de la crisis vivida a partir de 1998. Dichos cambios han tenido un considerable impacto en la estructura del sistema bancario y este documento pretende, a partir de herramientas comúnmente utilizadas en la literatura de la organización industrial, analizar la evolución de la concentración del mercado de intermediación financiera en Colombia (a través del análisis de la estructura de la banca) buscando la relación existente entre su estructura y la determinación de los precios

El equilibrio financiero en la contratación estatal en Colombia, por hechos imprevistos e incumplimiento del estado

The financial balance may be affected by various causes, some attributable to the contracting administration itself, such as the breach of its contractual obligations or the modification of the conditions of execution of the contract, others also attributable to the administration, butstemming from its state function and foreign or foreign to the parties involved in the business, in whose occurrence the Theory of Unpredictable is discussed, since it deals with those factual circumstances that unexpectedly arise in the execution of the contract and foreign to the entity as part and to the state as administration, of course, coming from or originating in facts, behavior sand situations also foreign to the person of the Contractor.El equilibrio financiero puede resultar afectado por variadas causas, unas atribuibles a la propia administración contratante como sería el incumplimiento de sus obligaciones contractuales o la modificación en las condiciones de ejecución del contrato, otras también imputables a la administración, pero provenientes de su función estatal y ajenos o extraños a las partes involucradas en el negocio, en cuya ocurrencia se habla de la Teoría de la Imprevisión, por cuanto trata de aquellas circunstancias de hecho, que de manera imprevistas surgieren en la ejecución del contrato y ajenas a la entidad como parte y al estado como administración, por supuesto, proveniente u originada en hechos, comportamientos y situaciones también extraños a la persona del Contratista